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The Reserve Bank on Thursday proposed to create a <keyword id="22711172" type="General" weightage="20" keywordseo="public-repository" source="keywords">public repository</keyword> of <keyword id="21305551" type="General" weightage="100" keywordseo="digital-lending-apps" source="keywords">digital lending apps</keyword> in a bid to address the problems arising from mushrooming <keyword id="22711171" type="General" weightage="20" keywordseo="unauthorised-players" source="keywords">unauthorised players</keyword> in the segment. In another significant move, the central bank proposed to introduce a facility of "<keyword id="22710839" type="General" weightage="20" keywordseo="Delegated-Payments" source="keywords">Delegated Payments</keyword>" in UPI to enable an individual to allow another individual to make <keyword id="19957378" type="General" weightage="20" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword>. In a <keyword id="13144094" type="General" weightage="20" keywordseo="post-monetary-policy-review" source="Orion">post-monetary policy review</keyword> address, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> said the central bank has taken several measures for the orderly development of the <keyword id="12577431" type="General" weightage="20" keywordseo="digital-lending-ecosystem" source="Orion">digital lending ecosystem</keyword> in India. In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities. "The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps," Das said. On introduction of 'Delegated Payments' through UPI, the Governor said the facility would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user's bank account without the need for the secondary user to have a separate bank account linked to UPI. This, he added, will further deepen the reach and usage of digital payments. The central bank also announced an increase in the transaction limit for tax payments through UPI to Rs 5 lakh. Currently, the transaction limit for UPI is Rs 1 lakh, except for certain categories of payments which have higher transaction limits. "It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI," Das said. The Governor also announced measures to speed up cheque payment which will benefit both the payer and the payee. At present, cheque clearing through Cheque Truncation System (CTS), operates in a batch-processing mode and has a clearing cycle of up to two working days. "It is proposed to reduce the clearing cycle by introducing continuous clearing with 'on-realisation-settlement' in CTS," Das said. This means that cheques will be cleared within a few hours on the day of presentation.

RBI to set up public repository of digital lending apps to check unauthorised players

<ul><li><keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> has reviewed hundreds of <keyword id="6095737" type="UNKNOWN" weightage="20" keywordseo="loan-apps">loan apps</keyword> in India and has also removed many of them, which have violated user safety guidelines. </li><li>Google’s crackdown on lending apps in India comes after the Reserve Bank of India announced that it was forming a working group to regulate <keyword id="59794" type="PERSON" weightage="20" keywordseo="Digital-lending">digital lending</keyword>. </li><li>Among many other regulatory steps, the group will also set up a Fair Practices Code and “recommend measures for robust data governance, data privacy and data security standards” in the digital lending sector.</li></ul>Tech giant Google today said that it has reviewed hundreds of loan apps in India and has also removed many of them, which have violated user safety guidelines. “We have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations. Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue,” said Google <a href="https://india.googleblog.com/2021/01/protecting-against-harmful-financial.html">in its blog</a>. Here’s the information that financial apps have to share with Google <ul><li>minimum and maximum periods of repayment</li><li>the maximum Annual Percentage Rate, </li><li>and a representative example of the total loan cost. </li></ul>The tech company also said that it only allows “personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued.” Google’s crackdown on lending apps in India comes after the Reserve Bank of India announced that it was forming <a href="https://www.businessinsider.in/finance/news/rbi-sets-up-a-working-group-for-digital-lending-says-recent-spurt-of-lending-apps-has-raised-serious-concerns/articleshow/80250943.cms">a working group to regulate digital lending. </a> The group will study the scope of digital lending in India, identify risks in the sector “posed by unregulated digital lending” and also suggest regulatory measures if needed. Additionally, the group will also set up a Fair Practices Code and “recommend measures for robust data governance, data privacy and data security standards for deployment of digital lending services.” Google, in its statement, also said that it was placing focus on user’s privacy. “Developers must also only use data for purposes that the user has consented to, and if they later want to use the data for other purposes, they must obtain user permission for the additional uses,” said the tech giant. The group consisting of four top members of the Reserve Bank of India and two external members from a fintech firm and a cybersecurity firm will submit their observations of the digital lending sector within three months. The RBI said that the recent spurt in online lending apps pose serious concerns. With the coronavirus pandemic, people have been turning more and more to digital apps which offer hassle-free instant loans. However, reports have surfaced about fraudulent cases emerging from such online practices. In <a href="https://www.indiatoday.in/india-today-insight/story/how-instant-loan-apps-are-extorting-borrowers-in-telangana-1752148-2020-12-22">Telangana</a>, 11 people have been arrested so far in connection to such dubious loan companies. The <a href="https://www.newindianexpress.com/cities/hyderabad/2020/dec/22/fraud-alert-cyberabad-police-writes-to-googleplay-store-over-259-micro-loan-apps-2239361.html">Cyberabad police</a> has also reportedly written to <keyword id="6369511" type="UNKNOWN" weightage="20" keywordseo="google-play-store">Google Play Store</keyword> regarding 259 such micro loan apps. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-sets-up-a-working-group-for-digital-lending-says-recent-spurt-of-lending-apps-has-raised-serious-concerns/articleshow/80250943.cms">India’s central bank to monitor digital lending, says recent spurt of lending apps has raised serious concerns</a>

Google says it has removed several loan apps in India after RBI takes steps to curb fraud in digital lending

Warning against mushrooming of lending apps and their usurious recovery prices, the <keyword id="50847" type="General" weightage="80" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game, governor <keyword id="6359111" type="General" weightage="100" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said on Tuesday. Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules. The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of <keyword id="6428152" type="General" weightage="50" keywordseo="mahindra-finance" source="Orion">Mahindra Finance</keyword> which financed her father's tractor in Bihar. Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose <keyword id="6355260" type="General" weightage="50" keywordseo="nbfc" source="Orion">NBFC</keyword>'s or bank's behalf the money was being disbursed. Why the <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said. “The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer. “Robust internal product and service assurance framework together with fair and transparent governance will go a long way to safeguard the interest of customers and ensure long-term sustainability of fintech entities themselves,” Das said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rally-in-banking-stocks-continue-as-credit-growth-picks-margins-get-a-boost/articleshow/94324519.cms">Rally in banking stocks continues as credit growth picks up &amp; margins get a boost</a> <a href="https://www.businessinsider.in/stock-market/news/how-indian-equity-gold-and-debt-investments-have-performed-over-the-past-two-decades/articleshow/94304653.cms">Story in charts: How Indian equity, gold and debt investments have performed over the past two decades</a> <a href="https://www.businessinsider.in/science/health/news/despite-inflation-8-out-of-10-people-intend-to-increase-spending-on-health-and-wellness-accenture-report/articleshow/94329579.cms">Despite inflation, 8 out of 10 people intend to increase spending on health and wellness : Accenture report</a>

Shaktikanta Das wants lending apps to 'follow the rules of the game'

New Delhi, The government on Monday informed Parliament that <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword> has suspended or removed over 2,500 fraudulent <keyword id="6095737" type="General" weightage="20" keywordseo="loan-apps" source="Orion">loan apps</keyword> from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by the Ministry of Electronics and Information Technology (Meity) with Google, whose app store is the primary source of distribution of digital lending apps. Google has updated its policy regarding enforcement of loan lending apps on the Play Store and has also deployed additional policy requirements with strict enforcement actions for lending apps in India, she added. As per their revised policy, only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs. "Between April 2021 and July 2022, Google also reviewed approximately 3,500 to 4,000 loan lending apps and suspended or removed over 2,500 fraudulent loan apps from its Play Store," she said. The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs (MHA), has been regularly analysing the digital lending apps proactively. Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, the I4C team analyses apps on various parameters and reports to Meity apps found suspicious for blocking, she said. To spread awareness against cybercrimes and to safeguard interests of citizens, several steps have been taken by the government, the RBI, and banks, she said. The RBI has formulated conducting of electronic-Banking Awareness And Training (e-BAAT) which has largely focussed on awareness about fraud and risk mitigation, while a Nation-wide Intensive Awareness Programme (NIAP) was carried out in collaboration with the REs. In a separate response, Sitharaman said more than 44.46 crore loans amounting to Rs 26.12 lakh crore (as of November 24, 2023) have been sanctioned to the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) since its inception. Under PMMY, collateral-free institutional credit up to Rs 10 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). Any individual who is otherwise eligible to take a loan and has a business plan for a small business enterprise can avail of a loan under the scheme. Loans can be availed for income-generating activities in the manufacturing, trading, and services sectors, and also for activities allied to agriculture, under three categories, -- Shishu (loans up to Rs 50,000), Kishor (loans above Rs 50,000 and up to Rs 5 lakh) and Tarun (loans above Rs 5 lakh and up to Rs 10 lakh).

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

<ul><li>Google is looking to tap into its <keyword id="2750705" type="General" weightage="100" keywordseo="google-pay" source="Orion">Google Pay</keyword> user base to enter the lending segment.</li><li>Google has partnered with banks and NBFCs to offer credit to merchants and consumers.</li><li>Google Pay handles over 30% of the total UPI transactions in the country.</li></ul> Search giant Google has made several major announcements for India at their annual Google for India event including its entry into the lending business, AI-powered initiatives and more. While the company has made several announcements for its different applications and services such as Search, <keyword id="691847" type="General" weightage="20" keywordseo="google-cloud" source="Orion">Google Cloud</keyword> and more, its announcements related to Google Pay were a key highlight of the event. Google is now entering the lucrative lending business in India, along with local partners. This is aimed at both small merchants and regular users. It is noteworthy that Google Pay enjoys a huge market share in India, handling over 30% of the total UPI transactions in the country. “Just like UPI revolutionised digital payments, digitising credit – with consent and privacy safeguards – can provide ways of expanding the reach of formal credit. And the lower transaction cost of digital credit delivery can enable smaller minimum ticket loan sizes, making it more suitable and approachable for more borrowers,” Google said in a post. <cmsannotation type="cmsannotation" annotationid="Credit for merchants" comment="subhead" text="Credit for merchants">Credit for merchants</cmsannotation> Google has announced several credit facilities for merchants, aimed at offering improved access to credit. For this, the company has partnered with banks and NBFCs. <cmsannotation type="cmsannotation" annotationid="Merchant credit line" comment="subhead2" text="Merchant credit line">Merchant credit line</cmsannotation> To help merchants get quicker access to a credit line for their working capital requirements, Google has announced a merchant credit line in partnership with ePayLater. This will be available to merchants, both online and offline, for the purchase of stock and supplies. <cmsannotation type="cmsannotation" annotationid="Sachet loans" comment="subhead2" text="Sachet loans">Sachet loans</cmsannotation> Merchants looking for a smaller credit can instead opt for sachet loans, which is being offered in partnership with DMI finance. The sachet loans start as low as ₹15,000, with repayment options starting at ₹111. <cmsannotation type="cmsannotation" annotationid="Merchant loans" comment="subhead2" text="Merchant loans">Merchant loans</cmsannotation> Google has also partnered with ICICI Bank and Indifi to offer seamless merchant loans and repeat loans. <cmsannotation type="cmsannotation" annotationid="Credit for consumers" comment="subhead" text="Credit for consumers">Credit for consumers</cmsannotation> It’s not just merchants, Google is also entering the consumer lending segment. <cmsannotation type="cmsannotation" annotationid="Personal loans on Google Pay" comment="subhead2" text="Personal loans on Google Pay">Personal loans on Google Pay</cmsannotation> Google has partnered with Axis Bank to offer personal loans to customers on the Google Pay app. Google Pay is already offering personal loans through the app in partnership with DMI Finance and is expected to soon onboard more partners. <cmsannotation type="cmsannotation" annotationid="Credit on UPI" comment="subhead2" text="Credit on UPI">Credit on UPI</cmsannotation> Google has partnered with ICICI Bank to offer Credit on UPI. What this essentially means is that customers will soon be able to avail credit lines from banks on UPI and use this credit line to make payments via the Google Pay app. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-foldable-launched-in-india-as-an-affordable-alternative-to-samsung-galaxy-z-fold-5/articleshow/104560947.cms">OnePlus Open foldable launched in India as an 'affordable' alternative to Samsung Galaxy Z Fold 5</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-mobile-phone-under-30000-in-india-in-festival-season-2023/slidelist/104551645.cms">Best smartphones under ₹30,000 in India – the perfect mid-range options for you</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms">Smartphone makers should be a worried lot as global shipments decline to a decade low</a>

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

Nearly nine in 10 customers in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> use fintech lending apps to take <keyword id="6362287" type="General" weightage="20" keywordseo="loans" source="Orion">loans</keyword> for emergencies, <keyword id="42518" type="General" weightage="20" keywordseo="medical" source="Orion">medical</keyword> and upskilling needs, a new report said on Thursday. More than two-thirds feel positive after taking a loan via digital means and 89 per cent reported positively toward digital lending apps, according to the report by the <keyword id="10648101" type="General" weightage="80" keywordseo="fintech-association" source="Orion">Fintech Association</keyword> for Consumer Empowerment (FACE), an association of digital and fintech lending companies. "Customer voices are very reassuring to know that digital credit is meeting customer's critical needs making them resilient to deal with day-to-day exigencies (medical/emergencies/cashflows) and also invest in their future and aspirations," said <keyword id="14579949" type="General" weightage="80" keywordseo="sugandh-saxena" source="Orion">Sugandh Saxena</keyword>, CEO at FACE. A Reserve Bank of India Working Group (WG) report has recommended steps for customers' access to genuine and safe regulated lending apps. "Equally important is customers' understanding of loan conditions including the pricing to take a loan they can afford and the ability to connect with lenders for queries/grievances," Saxena added. To date, 45 per cent have used one app to borrow digitally, while 55 per cent have used two or more apps to fulfill their credit needs. In the absence of a digital lending app, 43 per cent would borrow from their friends and family, but a significant 29 per cent would delay or forgo the need. Top three parameters customers consider when choosing a digital lending app are loan amount, customer reviews/ratings of the app and ease of use. "Top problems customers face when engaging with a digital lending app are identifying the right app, customer service, understanding terms and conditions," the report mentioned. For the large majority, the need for a loan is urgent and real, and they have had to compulsorily fund it, it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/41-income-taxpayers-yet-to-file-it-return-10-facing-tech-glitches/articleshow/93187624.cms">41% income taxpayers yet to file IT return, 10% facing tech glitches</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-pay-dos-and-donts-to-keep-fraudsters-away-in-2022/articleshow/93187599.cms">Google Pay Dos and Don’ts to keep fraudsters away in 2022</a>

Indians resort to loans from lending apps for emergencies and medical expenses

What is cryptocurrency? What to know about this increasingly popular digital currency before investing

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

You Searched For "digital lending apps" and got 8 results

RBI to set up public repository of digital lending apps to check unauthorised players

PTI

Google says it has removed several loan apps in India after RBI takes steps to curb fraud in digital lending

Sanchita Dash

Shaktikanta Das wants lending apps to 'follow the rules of the game'

PTI

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

PTI

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

Sourabh Jain

Indians resort to loans from lending apps for emergencies and medical expenses

IANS

What is cryptocurrency? What to know about this increasingly popular digital currency before investing

Louis DeNicola,Tessa Campbell

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

PTI

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